(a)
An international banking corporation that does not transact a banking business
or any part of a banking business in or through an office in this State, but
maintains an office in this State for other purposes is considered to have an
international representative office in this State.

(b)
An international representative office located in this State shall register
with the Commissioner annually on forms prescribed by the Commissioner.
The registration shall be filed before January 31 of each year, shall be
accompanied by a registration fee prescribed by regulation, and shall list the
name of the local representative, the street address of the office, and the
nature of the business to be transacted in or through the office.

(c)
The Commissioner may review the operations of an international representative
office annually or at any greater frequency as is necessary to assure that the
office does not transact a banking business.

(d)
An international banking corporation desiring to convert its existing
registered international representative office to a licensed international bank
branch or licensed international bank agency shall submit to the Commissioner
the application required by G.S. 53-232.8, and is required to meet the minimum
criteria for licensing of an international bank branch or licensed
international bank agency under this Article.

(e)
An international representative office may act in a liaison capacity with
existing and potential customers of an international banking corporation and in
undertaking these activities may, through its employees or agents, without
limitation, solicit loans, assemble credit information, make proprietary
inspections and appraisals, complete loan applications and other preliminary
paperwork in preparation for making a loan, but may not solicit or accept
deposits. No international representative office shall conduct any
banking business or part of a banking business in this State. (1991,
c. 679, s. 1.)